Many property owners in Montana face high utility bills caused by old, inefficient buildings in need of upgrades. Although energy efficiency improvements would save Montana business owners more money on their utility bills than they cost over the long run, the upfront costs can be hard to afford.
Commercial Property Assessed Capital Enhancements (C-PACE) is a solution to these financial challenges.
C-PACE is a financing tool that allows property owners to secure 100% upfront financing for energy efficiency, water conservation, and renewable energy upgrades to commercial buildings. The cost of these upgrades is repaid as a small assessment on the property's annual tax bill. The annual energy savings for C-PACE projects are designed to exceed the annual assessment payment, so property owners save money from the start.
This tried-and-true tool is enabled in 37 states and counting. To enable C-PACE in Montana, we must first pass legislation that enables it. In other words, this legislation gives the "green light" to counties across the state to start allowing people to take advantage of the program. Once the program is enabled, it is voluntary for both counties and individuals.
Commercial Property Assessed Capital Enhancements
Saving Montanans money, creating local jobs, conserving energy